Tax Reform: Top Tips for Individuals

Are you concerned how tax reform will impact your personal tax return? Watch this week’s edition of Keeping it Simple to learn what will impact taxpayers the most.

 

The biggest changes impacting individuals are:

  1. Tax rates went down

  2. Standard deduction was doubled

  3. Exemptions were eliminated

  4. Child Tax Credit was doubled

  5. Starting in 2019, the Shared Responsibility Penalty is eliminated.

To understand how tax reform impacts you, it goes beyond how much you have to pay or get refunded back when you file your taxes. You need to consider how much is withheld from your paycheck throughout the year.

Tax reform will go beyond how much taxpayers pay and will influence decisions people make. As discussed, many of the benefits of home-ownership are now moot for many tax filers.

As promised, here is a bonus tax reform guide. It covers individual and small business changes. I hope you find it helpful! If you do, I encourage you to sign up for our newsletter to receive more guides like it and bi-monthly updates.

Let’s have a conversation! What part of tax reform impacts you the most? Are there any parts you like or dislike? And the burning question - how has it impacted how much taxes you pay?